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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 18.0x - 19.9x | 18.9x |
| Selected Fwd P/E Multiple | 14.5x - 16.0x | 15.3x |
| Fair Value | €48.34 - €53.43 | €50.88 |
| Upside | 4.3% - 15.3% | 9.8% |
| Benchmarks | - | Full Ticker |
| Innospec Inc. | - | DB:OCT |
| Quaker Chemical Corporation | - | DB:QUC |
| Nabaltec AG | - | XTRA:NTG |
| Evonik Industries AG | - | XTRA:EVK |
| AlzChem Group AG | - | XTRA:ACT |
| Fuchs SE | - | BATS-CHIXE:FPE3D |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| OCT | QUC | NTG | EVK | ACT | FPE3D | |||
| DB:OCT | DB:QUC | XTRA:NTG | XTRA:EVK | XTRA:ACT | BATS-CHIXE:FPE3D | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -20.5% | 29.8% | 5.9% | -21.7% | 24.6% | 5.8% | ||
| 3Y CAGR | -27.4% | -1.3% | -4.3% | -33.3% | 25.1% | 6.1% | ||
| Latest Twelve Months | -81.7% | -20.2% | 16.2% | 184.0% | 44.3% | 5.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 5.5% | 4.2% | 4.2% | 2.9% | 6.4% | 8.5% | ||
| Prior Fiscal Year | 7.1% | 5.7% | 5.7% | -3.0% | 6.3% | 8.0% | ||
| Latest Fiscal Year | 1.9% | 6.3% | 6.9% | 1.5% | 9.6% | 8.6% | ||
| Latest Twelve Months | 1.5% | 5.2% | 6.6% | 2.0% | 10.1% | 8.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 27.4x | 9.7x | 3.4x | 6.6x | 15.0x | 9.1x | ||
| Price / LTM Sales | 1.2x | 1.2x | 0.6x | 0.5x | 2.9x | 1.4x | ||
| LTM P/E Ratio | 76.7x | 22.4x | 9.3x | 27.4x | 28.4x | 16.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 9.3x | 27.4x | 76.7x | |||||
| Historical LTM P/E Ratio | 16.1x | 17.6x | 30.2x | |||||
| Selected P/E Multiple | 18.0x | 18.9x | 19.9x | |||||
| (x) LTM Net Income | 302 | 302 | 302 | |||||
| (=) Equity Value | 5,424 | 5,709 | 5,995 | |||||
| (/) Shares Outstanding | 107.7 | 107.7 | 107.7 | |||||
| Implied Value Range | 50.37 | 53.02 | 55.67 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 50.37 | 53.02 | 55.67 | 46.34 | ||||
| Upside / (Downside) | 8.7% | 14.4% | 20.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | OCT | QUC | NTG | EVK | ACT | FPE3D | |
| Value of Common Equity | 2,088 | 2,137 | 127 | 8,188 | 1,604 | 4,990 | |
| (/) Shares Outstanding | 25.0 | 17.7 | 8.8 | 466.0 | 10.2 | 107.7 | |
| Implied Stock Price | 83.67 | 120.86 | 14.45 | 17.57 | 158.00 | 46.34 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.16 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 72.00 | 104.00 | 14.45 | 17.57 | 158.00 | 46.34 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.16 | 1.16 | 1.00 | 1.00 | 1.00 | 1.00 | |